Braemar Hotels & Resorts Inc. 10-Q

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Purchases of Equity Securities by the Issuer On December 7, 2022, our board of directors approved a new stock repurchase program pursuant to which the board granted a repurchase authorization to acquire shares of the Company’s common stock, par value $0.01 per share, having an aggregate value of up to $25 million. The Board’s authorization replaced any previous repurchase authorizations. During the three months ended March 31, 2023, we repurchased approximately 3.9 million shares of its common stock for approximately $18.9 million. As of March 31, 2023, we repurchased approximately 5.4 million shares of its common stock for approximately $25.0 million and have completed the $25.0 million repurchase authorization. The following table provides the information with respect to purchases and forfeitures of our common stock during each of the months in the first quarter of 2023: Period Total Number of Shares Purchased Average Price Paid Per Share Total Number of Shares Purchased as Part of a Publicly Announced Plan Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plan Common stock: January 1 to January31 2,948,031 $ 4.69 (2) 2,948,002 $ 5,063,184 February 1 to February 28 938,568 (1) $ 5.39 938,273 $ 7 March 1 to March 31 82,776 (1) $ 4.30 (2) — $ 7 Total 3,969,375 $ 4.85 3,886,275 __________________ (1) Includes 295 and 81,825 shares in February and March, respectively, that were withheld to cover tax-withholding requirements related to the vesting of restricted shares of our common stock issued to employees of our advisor pursuant to the Company’s stockholder-approved stock incentive plan. (2) There is no cost associated with the forfeiture of 29 and 951 restricted shares of our common stock in January and March, respectively. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. 47 ITEM 4. MINE SAFETY DISCLOSURES None.